Section FE 17 — Income Tax Act 2007: Consolidation of debts and assets

FE 17 Consolidation of debts and assets For an excess debt entity that is a company, the debt percentage of a worldwide group is calculated under generally accepted accounting practice for the consolidation of companies for the purposes of eliminating intra-group balances by consolidating the debts and assets of the members of the entity’s worldwide group using— (a) a financial standard used in the country in which the entity’s ultimate non-resident parent company resides, as described in section FE 18(1)(a) , if applicable; or (b) generally accepted accounting practice. Defined in this Act: company , excess debt entity , generally accepted accounting practice , non-resident company , ultimate parent , Compare: 2004 No 35 s FG 5(2), (10)